EFSI transaction in Bulgaria so far: €100 million to Biovet

Thanks to the EU budget guarantee, the EIB was able to offer the company this loan and as a result we will see more R&D activity in rural areas in Bulgaria, leading to growth in the economy and new jobs created.

Monday 15 January 2018 (2 months 4 days ago)

As the College of Commissioners visit Sofia to mark the beginning of the Bulgarian Presidency of the EU, the European Investment Bank (EIB) has signed a €100 million loan with Bulgarian agri-pharma business Biovet to finance a boost in production levels and research and development (R&D) in the area of animal health. The loan is guaranteed by the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe, the Juncker Plan. As a result of this financing, 210 jobs will be created in rural parts of Bulgaria.

EIB Vice-President Andrew McDowell said: "This operation supported by the EIB and the Investment Plan for Europe will strengthen the competitiveness of a leading company in the veterinary sector in Bulgaria, reinforcing Europe's leading position in the animal health market. This is important as animal health is a key element of the EU farming industry and an area of concern for all European citizens.”

The project includes the design, construction and management of two new facilities: a fermentation facility in Peshtera in southern Bulgaria which will manufacture active substances, nutritional supplements, enzymes, probiotics and ready medicinal formulations for animal and human health; as well as a new plant in Razgrad in north-east Bulgaria for the manufacturing of animal vaccines. The project will also enable the company to carry out R&D in the fields of microbiology and new product development, such as vaccines, enzymes, as well as process improvement and formulation.